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GST collections in June at Rs 1.44 lakh cr, up 56% YoY: Sitharaman

GST collections in June at Rs 1.44 lakh cr, up 56% YoY: Sitharaman

The gross GST collection in June is the second highest collection next to the April 2022 collection of Rs 1.68 lakh crore.

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The Goods and Services Tax (GST) revenue collections in June 2022 was up 56 per cent year-on-year to over Rs 1.44 lakh crore, announced Finance Minister Nirmala Sitharaman on Friday. 

The revenues for the same month last year was Rs 92,800 crore.

The gross GST collection in June is the second highest collection next to the April 2022 collection of Rs 1.68 lakh crore.

Sitharaman also added that Rs 1.40 lakh crore is the rough bottom line for the month of June. "Our monthly GST collections are not going below that," she said on the occasion of GST Day in New Delhi.

In an official statement, the Finance Ministry highlighted that the gross GST revenue collected in the month of June 2022 is Rs 144,616 crore of which CGST is Rs 25,306 crore, SGST is Rs 32,406 crore, IGST is Rs 75887 crore (including Rs 40102 crore collected on import of goods) and cess is Rs 11,018 crore (including Rs 1197 crore collected on import of goods).

Graphic credit: Mohsin Shaikh

This is the fifth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022.

Furthermore, the government has settled Rs 29,588 crore to CGST and Rs 24,235 crore to SGST from IGST. In addition, Centre has also settled Rs 27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is Rs 68,394 crore for CGST and Rs 70,141 crore for the SGST.

The average monthly gross GST collection for the first quarter of the FY 2022-23 has been Rs 1.51 lakh crore against the average monthly collection of Rs 1.10 lakh crore in the first quarter of the last financial year showing an increase of 37 per cent, the Ministry added.

"Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The gross cess collection in this month is the highest since introduction of GST."

India is celebrating its fifth anniversary of GST Day on 1 July to mark the implementation of the new tax regime brought in place in 2017.